Hope someone can advise on what could quickly become a difficult situation. This is all new and raw, have removed emotion and gone with facts best I can, and put only what I think is relevant information.
My mum died about five years ago. She left everything she had to my dad. He continued to live in their house (his name, mortgage free), joined quickly by my brother, who was pt working and eventually pt caring for our dad.
A few weeks ago, when dad became ill, DB and I went through finances in a moment of organisation. DF paid ALL house bills, paid for all house repairs, gave my brother a car. DB paid for food, petrol and some items like Netflix.
DF died on Saturday.
DB and I yesterday started on all the admin and he suddenly said a number of things: he would not move from the house in his lifetime, he could stay there and I could sell it when he dies (I’m older than him!) and also said he could try to buy me out. He’s in shock, as those are all quite different thoughts.
The will (we are the executors), says total estate is divided equally.
If he could stay here AND fulfil DF’s wishes that would be perfect.
The property is approx £700k (tbc) with monthly running costs of around £1.5k, of which DF was contributing £800, and DB would now suddenly have to find the extra.
DB is 50, pt worker, never had a mortgage, no savings, no pension, earns approx £15k a year. He would get approx £60k in cash from dad's savings. He would work more now DF has died. I also worry there is a possibility of inheritance tax.
Is there any possibility he could get a mortgage, finance the house, and I receive my half?
If we are in ‘have to sell’ territory, how on earth do I smooth this over with him before it even starts to gets difficult? I am happy for him to remain in the house while he finds his feet, but again, worry that will make it harder to leave again.
Thank you for reading, any more detail required, please ask. We see the solicitor on Friday morning, hence the slightly frantic request for options.